CleanMax Secures ~$575 Million Multi-Lender Financing for ~1 GW Renewable Energy Portfolio Across Rajasthan and Karnataka

Key Metrics:

What Happened ?

Key Details

Financing Structure & Renewable Portfolio Expansion:

• Financing secured through a diversified lender base comprising:
  • Domestic banks
  • International banks
  • ECB lenders
  • FCNR(B) lenders
• Projects span Rajasthan and Karnataka with approximately 1 GW renewable energy capacity.
• Financing details include:
  • Clean Max Celestial Pvt Ltd:
    • $141.94 million through FCNR(B) facility
  • Clean Max Tasman Pvt Ltd:
    • $124.63 million via ECB facility
  • VEH Green Energy Pvt Ltd:
    • $174 million through ECB facility
  • Clean Max Enviro Energy Solutions Ltd:
    • ₹650 crore INR term loan
  • Clean Max Atlas Pvt Ltd:
    • ₹630 crore INR term loan
• International lenders involved include:
  • Societe Generale
  • BNP Paribas
  • SMBC
  • Credit Agricole
  • HSBC
  • DBS Bank
• Funding supports:
  • Large-scale renewable projects
  • Corporate decarbonization
  • Long-term clean energy PPAs
  • Technology and AI infrastructure customers
• CleanMax highlighted that:
  • USD-denominated loans are backed by USD-linked PPAs
  • INR loans are backed by INR-linked PPAs
  • Non-INR portfolio financing cost remains below 6%
• Company’s contracted renewable portfolio reached 5.7 GW in FY2025-26.
• Approximately 74% of new contracted capacity came from existing customers, indicating strong customer retention.
• Data centre and AI infrastructure clients contribute 42% of contracted renewable energy sales portfolio.
• Key customers include:
  • Apple
  • Amazon
  • Cisco
  • Equinix
  • BASF
  • Shell
  • CEAT
  • ST Telemedia Global Data Centres
• CARE Ratings recently upgraded the company’s long-term bank facilities and NCDs rating to:
  • CARE AA-/Stable

Note:

• The financing reflects increasing institutional confidence in India’s renewable infrastructure sector and positions CleanMax to capitalize on rising corporate clean-energy procurement demand from technology-led industries.

Risk Analysis

Summary:

• Despite strong financing access and renewable energy demand visibility, the company remains exposed to project execution, regulatory, currency and renewable energy market risks.

Key Risks:

• Large-scale renewable projects remain dependent on timely execution and grid connectivity.
• Interest rate and currency fluctuations may impact borrowing costs and returns.
• Renewable energy policies and PPA structures remain subject to regulatory changes.
• Expansion into AI and data centre-linked demand segments may increase customer concentration risk.
• Delays in project commissioning could affect cash flow alignment and debt servicing.

Worst Case Scenario:

• Execution delays, PPA disruptions, adverse regulatory changes or currency volatility could impact project returns, financing efficiency and long-term profitability.

Company Commentary

• Founder & Managing Director Kuldeep Jain stated the financing marks another milestone in building large-scale renewable energy assets and scaling corporate decarbonization initiatives.
• Management emphasized that multi-lender collaborations improve project scalability and support reliable renewable energy solutions for commercial and industrial customers.
• CFO Nikunj Ghodawat highlighted that the company has aligned financing structures across domestic and international markets to improve capital efficiency and long-term project viability.
• Management stated the projects reflect evolving renewable procurement demand from:
  • AI infrastructure
  • Cloud computing
  • Data centres
  • Digital infrastructure sectors
• Company reiterated focus on expanding renewable energy portfolio to support enterprise net-zero ambitions.